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Vasogen Provides Corporate Update

MISSISSAUGA, ON, July 3 /CNW/ - Vasogen Inc. (NASDAQ: VSGN; TSX:VAS) today
announced that it has implemented additional restructuring plans to further
reduce its cash burn rate. As previously announced, the Company has been
exploring strategic alternatives that may include potential acquisitions and
mergers. In conjunction with this process, the Company has also completed an
extensive review of its VP series of drugs, and has determined that it is in
the best interest of its shareholders to halt expenses associated with the VP
program while it completes its strategic review process.
"While we maintain our belief in the science underlying both Celacade and
our VP series of drugs, the Board believes that the decision announced today
is necessary in order to further conserve cash resources while completing the
Company's ongoing strategic review process," commented Chris Waddick,
President and CEO of Vasogen.
Certain statements in this press release constitute "forward-looking
statements" within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and/or "forward-looking information" under the
Securities Act (Ontario). These statements may include, without limitation,
plans to resume operations, to advance the development of the Celacade(TM)
System or our VP series of drugs including VP015 and VP025, plans to fund our
current activities, statements concerning our partnering activities, health
regulatory submissions, strategy, future operations, future financial
position, future revenues and projected costs. In some cases, you can identify
forward-looking statements by terminology such as "may", "will", "should",
"expects", "plans", "anticipates", "believes", "estimated", "predicts",
"potential", "continue", "intends", "could", or the negative of such terms or
other comparable terminology. We made a number of assumptions in the
preparation of these forward-looking statements. You should not place undue
reliance on our forward-looking statements which are subject to a multitude of
risks and uncertainties that could cause actual results, future circumstances
or events to differ materially from those projected. These risks include, but
are not limited to, the outcome of our strategic review, securing and
maintaining corporate alliances, the need for additional capital and the
effect of capital market conditions and other factors on capital availability,
the potential dilutive effects of any financing and other risks detailed from
time to time in our public disclosure documents or other filings with the
Canadian and U.S. securities commissions or other securities regulatory
bodies. Additional risks and uncertainties relating to our Company and our
business can be found in the "Risk Factors" section of our Annual Information
Form and Form 20-F for the year ended November 30, 2007, as well as in our
later public filings. The forward-looking statements are made as of the date
hereof, and we disclaim any intention and have no obligation or
responsibility, except as required by law, to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.